Moving to a More Affordable Area Could Make Sense

We’re Cape Cod realtors. We get it. Home prices are higher here than they are in many other places.

So, why abandon your dream of owning a home or making the change you know you need to when costs may be less expensive elsewhere? Less expensive doesn’t mean less house. It could mean more of a house than you could afford here.

Moving to a more affordable area could be the fresh start you need to get ahead financially. Some markets are certainly more affordable than others. Rising costs have many people rethinking where they live and looking for ways to cut expenses. If that sounds like you, then look at this chart:

These states are well known for lower housing costs, reduced insurance premiums, and more budget-friendly daily living expenses – but they’re not the only places to find a hidden gem. If you’re open to relocating, you might discover the savings you’re looking for.

Why Move to a Lower-Cost Area?

Life is getting more expensive by the day. From rising home prices to higher grocery bills, it feels like everything costs more than it used to. Housing, the largest expense for most people, has become especially costly.

In fact, according to data from Case-Shiller, home prices increased 3.9% from September 2023 to September 2024. And information from GOBankingRates shows insurance costs are up too, with home insurance premiums averaging $2,151 annually – a significant jump compared to recent years.

These rising costs can feel like a lot to handle. That’s why more people are considering lower-cost areas. An article from the National Association of Realtors (NAR) says: “With the past decade of rising home prices, buyers are looking for more affordable areas . . . As housing affordability continues to shape migration patterns, these areas may provide an opportunity . . . for those looking for more cost-effective alternatives to the nation’s larger, pricier metropolitan areas.”

Lower-cost areas typically offer more affordable housing, less expensive home insurance, and reduced costs for daily living like groceries and gas. Transportation expenses and car insurance premiums also tend to be lower. For anyone feeling stretched thin, moving to a less expensive area can provide meaningful financial relief.

Planning Your Big Move

Whether it’s finding a home that fits your budget or cutting down on other expenses, making the right move in any market can bring significant financial relief. Of course, moving isn’t a decision to take lightly.

Whether you’re moving just a few towns over or to a completely different state, there’s a lot to consider. From job opportunities, to schools, to local amenities – it all has an impact on finding the right home for you.

Bottom Line

The holidays are a time when families are often all in one place. This can be when Mom and Dad announce that they’re moving permanently to the Carolinas, because their friends are there and the weather is better.

So, this could be the time for you to discuss your ideas about making a move to a lower cost state.

If you’re considering leaving the area, we can help. Because of our long-time business coaching relationship with the Tom Ferry organization, we know real estate professionals across the country you can talk to. A conversation with an experienced realtor — who works in the area that you are considering — is a great opportunity to gather information, especially if you’re considering major geographic changes.

Please let us know how we can help. Thanks.

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.